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Coherent Corp. (COHR) perpetual futures
COHR perpetual futures on 21 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade COHRUSDT.
Coherent Corp. provides advanced laser technologies, laser-based solutions, and complete systems for commercial, industrial, and scientific applications.
$212.740.0%NYSE closed
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venue perp mark · Deepcoin (COHR/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
21/21 live markets
Trading data
Perpetual market activity
Venues
21
Live markets
21/21
24h volume
$15.1MCoverage: 17/21 marketsExchange-reported volume: $26.7M
Open interest
$16.7MCoverage: 20/21 markets
Best liquidity
$1.5M
Bitget
Tightest spread
+0.5 bps
Bitunix
Highest volume
$4.6M
Binance
Settlement mix
USDT · 17/21
Perp/spot vol.
0.01x
Spot volume $2.1B
OI / float
+0.04%
Float $40B
Spot performance
1D-6.00%
5D+10.46%
1M-12.95%
6M-42.96%
YTD+18.19%
1Y+56.86%
Venue matrix
21 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | COHR/USDT | Trading | $212.77 | 0.0% APR 0.000% every 8h | +0.9 bps | - | $4.6M | $6.7M | USDT | - | |
 Bitget | Trade | COHR/USDT | Trading | $212.74 | 0.0% APR 0.000% every 8h | +1.9 bps | $1.5M | $4.1M | $880.2K | USDT | 20x | |
 KuCoin | Trade | COHR/USDT | Trading | $212.80 | 0.0% APR 0.000% every 8h | +14.1 bps | $17K | $896.9K | $207.1K | USDT | 20x | |
 Gate.io | Trade | COHR/USDT | Trading | $212.81 | 0.0% APR 0.000% every 8h | +15.5 bps | $100.2K | $811.3K | $212K | USDT | 50x | |
 Bybit | Trade | COHR/USDT | Trading | $212.72 | 0.0% APR 0.000% every 8h | +4.2 bps | $20.9K | $316.1K | $783K | USDT | 25x | |
 OKX | Trade | COHR/USDT | Trading | $212.64 | 0.0% APR 0.000% every 8h | +4.2 bps | $40.7K | $313.5K | $1.2M | USDT | 20x | |
 Bitunix | Trade | COHR/USDT | Trading | $212.73 | +1.9% APR +0.00171% every 8h | +0.5 bps | $1.1M | $174.7K | $44.7K | USDT | 50x | |
 Hyperliquid HIP-3 | Trade | para:COHR | Trading | $212.55 | -131.4% APR -0.015% every 1h | +21.7 bps | $182.7K | $112.5K | $1.1M | USDC | 10x | |
 MEXC | Trade | COHR/USDT | Trading | $212.89 | 0.0% APR 0.000% every 8h | +8.5 bps | $73.4K | $106.9K | $5.1M | USDT | 20x | |
 BloFin | Trade | COHR/USDT | Trading | $212.76 | +0.4% APR +0.00037% every 8h | +1.9 bps | - | $79.9K | $144.7K | USDT | 20x | |
 HTX | Trade | COHR/USDT | Trading | $212.44 | 0.0% APR 0.000% every 8h | +29.2 bps | $53.5K | $55.8K | $8.1K | USDT | - | |
 GRVT | Trade | COHR/USDT | Trading | $212.79 | 0.0% APR 0.000% every 8h | +3.8 bps | $86.4K | $3.7K | $1K | USDT | - | |
 Aster | Trade | COHRUSDT | Trading | $212.71 | 0.0% APR 0.000% every 8h | +112.8 bps | $24.7K | $2.1K | $54.7K | USDT | - | |
 Aevo | Trade | COHR/USDC | Trading | $212.63 | +11.4% APR +0.00130% every 1h | +18.8 bps | $205.7K | $0 | $0 | USDC | 10x | |
 Crypto.com Exchange | Trade | COHR/USD | Trading | $212.58 | +5.0% APR +0.00057% every 1h | +14.1 bps | $10.9K | $0 | $1.8K | USD | 50x | |
 Extended | Trade | COHR/USD | Trading | $212.62 | 0.0% APR 0.000% every 1h | +6.1 bps | - | $0 | $4.5K | USD | 10x | |
 XT.com | Trade | COHR/USDT | Trading | $212.67 | 0.0% APR 0.000% every 8h | +1.9 bps | $106.8K | $3.5M | - | USDT | 20x | |
 Deepcoin | Trade | COHR/USDT | Trading | $212.71 | -25.6% APR -0.023% every 8h | +0.9 bps | $57.3K | $6.9M⚠ | $19.4K | USDT | 25x | |
 Ourbit | Trade | COHR/USDT | Trading | $212.78 | 0.0% APR 0.000% every 8h | +0.9 bps | $787.1K | $1.9M⚠ | $174.1K | USDT | 20x | |
 BingX | Trade | COHR-USDT | Trading | $212.68 | +5.5% APR +0.00500% every 8h | +2.3 bps | $1.1M | $1.6M⚠ | $2K | USDT | - | |
 LBank | Trade | COHR/USDT | Trading | $212.77 | 0.0% APR 0.000% every 8h | +0.9 bps | $1.2M | $1.1M⚠ | $64.2K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| COHRBbStocks | $212.38 | -0.17% | $1.2M | $2.0M | BNB Smart Chain (BEP20) |
| COHRonOndo GM | $213.78 | +0.49% | $894k | $1.2M | Solana · Ethereum · BNB Smart Chain (BEP20) |
| rCOHRTokenized | $213.55 | +0.38% | $143k | $315k | Arbitrum |
| COHRRobinhood | – | – | – | $5k | Robinhood Chain |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 17 of 21 venues absorb $10k · Typical cost: +9.5 bps – +23.8 bps
Cheapest execution: Bitunix · +6.8 bps
Too thin: Crypto.com Exchange
No fresh book data: Aster, Binance, Extended
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
COHRTightest spread
COHRHighest volume
COHRFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-03
Revenue est. $2.65B · Updated 2h ago
Dividend
$1.00
2012-12-17
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
New York Stock Exchange
Extended-hours reference
Bid210
Ask213.47
Volume9,760,227
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202710.41$11.2B+58%15
FY 202816.12$15.8B+40%14
FY 202922.93$21.1B+34%6
FY 203027.87$28.8B+36%2
Q3 20261.77$2.1B+18%13
Q4 20261.97$2.3B+13%19
Source: FMP · Consensus
Company events
62027-02-03EarningsActual - / Estimate 2.41-
2026-11-04Earnings · After market closeActual 2.09 / Estimate 1.99Beat
2026-08-12Earnings · After market closeActual 1.74 / Estimate 1.62Beat
2026-05-06EarningsActual 1.41 / Estimate 1.40Beat
2026-02-04EarningsActual 1.29 / Estimate 1.21Beat
2025-11-05EarningsActual 1.16 / Estimate 1.04Beat
Peer comparison
Similar listed perpsRevenue mix
Latest annualDatacenter & CommunicationsProduct$5.3B
IndustrialProduct$1.8B
North AmericaGeographic$4.6B
EuropeGeographic$814.2M
CHINAGeographic$813.4M
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $396 |
| 12-month target range (low – high) | $297 – $450 |
| Ratings in the provider's consensus | 31 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 5 | 17 | 6 | 0 | 0 |
| Oct 2026 | 4 | 16 | 6 | 0 | 0 |
| Sep 2026 | 4 | 15 | 5 | 0 | 0 |
| Aug 2026 | 4 | 14 | 5 | 0 | 0 |
| Jul 2026 | 4 | 14 | 5 | 0 | 0 |
| Jun 2026 | 4 | 14 | 5 | 0 | 0 |
| May 2026 | 4 | 13 | 5 | 0 | 0 |
| Apr 2026 | 4 | 12 | 5 | 0 | 0 |
| Mar 2026 | 4 | 12 | 5 | 0 | 0 |
| Feb 2026 | 4 | 11 | 5 | 0 | 0 |
| Jan 2026 | 4 | 11 | 5 | 0 | 0 |
| Dec 2025 | 4 | 11 | 5 | 0 | 0 |
Ownership
Institutional · 2026-Q3Free float95.5%188.2M shares
Shares outstanding197M shares
Institutional63.7%1,099 investors
Investor count change-292
Reference market activity
COHR-PERPDay range (Nov 13)$207.69$233.58
52 week$130.42$440
Spot volume9.7M
Average volume-
Price performance
111D-6.0%
5D+10.5%
1M-12.9%
3M-33.0%
6M-43.0%
YTD+18.2%
1Y+56.9%
3Y+504.3%
5Y+233.8%
10Y+661.4%
MAX+53,598.5%
Insider activity
FY2026 Q4Acquisitions2 transactions6,000 shares
Dispositions3 transactions24,052 shares
Purchases2Ratio 0.67
Sales0
Insider transactions
25DateReporting persontransactionssharesPriceFilings
CEO James Robert Anderson bought 5,000 common shares of Coherent Corp. on the open market at $199.48 each, holding 190,287 shares afterward.
Director Enrico Digirolomo reported an open-market purchase of 1,000 Coherent Corp. common shares at $222.885 on 2026-11-10, bringing his holdings to 11,644 shares.
Coherent Corp. officer Beard Robert P reported disposing of 5,127 common shares at $231.80 under code F (tax withholding) on 2026-10-21, leaving 46,301 shares owned.
Coherent Corp. CFO Sherri R Luther reported a disposition of 18,284 Common Stock shares at $312.62 on 2026-10-12, coded F (tax withholding), leaving 52,571 shares owned.
Coherent Corp. (COHR) officer Ilaria Mocciaro reported disposing of 1,766 Common Stock shares in two F-Tax withholding transactions at $154-$258.93, leaving 22,267 shares owned.
Coherent Corp. director Stephen G. Pagliuca received a stock award of 279 common shares (A-Award) at $0.00 on 2026-02-11, bringing his holdings to 18,747 shares.
Coherent Corp. officer Jeffrey B. Place reported 641 shares of Common Stock withheld for taxes (F-InKind) at $287.81 per share on 2026-10-01, leaving 20,458 shares owned.
Coherent (COHR) director Enrico Digirolomo sold 5,315 common shares at $305.985 and gifted 1,279 shares, leaving 10,644 shares owned.
Coherent Corp. officer Robert P. Beard sold 500 common shares on the open market at $309.32 each on Sept 9, 2026, leaving 51,428 shares owned.
Director Neal-Graves Lisa sold 2,200 common shares at $268.42 each on September 2, 2026, leaving 13,033 shares owned.
Director Enrico Digirolomo sold 2,272 shares of Coherent Corp. common stock on 2026-08-31 at $276.85 per share, leaving 17,238 shares owned.
Director Stephen A. Skaggs sold 2,272 common shares of Coherent Corp. on Aug 31, 2026, at $276.8758 per share, retaining 14,592 shares.
Coherent director Enrico Digirolomo exercised options on 3,911 shares, sold 3,911 shares at $241.50 and gifted 1,847 shares on 2026-03-06, per a Form 4/A amendment.
Place Jeffrey B., Chief Supply Chain Officer of Coherent Corp., received an award of 3,358 shares of common stock (no cost), increasing his holdings to 21,099 shares.
On Aug 28, 2026, officer Mocciaro Ilaria received 4,061 shares of common stock via awards, had 2,174 shares withheld for taxes at $295.39 each, and got 2,335 deferred performance stock units.
Filings
61 · Latest SEC filings2026-11-124Insider transaction report (Form 4)
CEO James Robert Anderson bought 5,000 common shares of Coherent Corp. on the open market at $199.48 each, holding 190,287 shares afterward.
2026-11-124Insider transaction report (Form 4)
Director Enrico Digirolomo reported an open-market purchase of 1,000 Coherent Corp. common shares at $222.885 on 2026-11-10, bringing his holdings to 11,644 shares.
2026-10-224Insider transaction report (Form 4)
Coherent Corp. officer Beard Robert P reported disposing of 5,127 common shares at $231.80 under code F (tax withholding) on 2026-10-21, leaving 46,301 shares owned.
2026-10-144Insider transaction report (Form 4)
Coherent Corp. CFO Sherri R Luther reported a disposition of 18,284 Common Stock shares at $312.62 on 2026-10-12, coded F (tax withholding), leaving 52,571 shares owned.
2026-10-074Insider transaction report (Form 4)
Coherent Corp. (COHR) officer Ilaria Mocciaro reported disposing of 1,766 Common Stock shares in two F-Tax withholding transactions at $154-$258.93, leaving 22,267 shares owned.
2026-10-074Insider transaction report (Form 4)
Coherent Corp. director Stephen G. Pagliuca received a stock award of 279 common shares (A-Award) at $0.00 on 2026-02-11, bringing his holdings to 18,747 shares.
2026-10-054Insider transaction report (Form 4)
Coherent Corp. officer Jeffrey B. Place reported 641 shares of Common Stock withheld for taxes (F-InKind) at $287.81 per share on 2026-10-01, leaving 20,458 shares owned.
2026-09-154Insider transaction report (Form 4)
Coherent (COHR) director Enrico Digirolomo sold 5,315 common shares at $305.985 and gifted 1,279 shares, leaving 10,644 shares owned.
2026-09-114Insider transaction report (Form 4)
Coherent Corp. officer Robert P. Beard sold 500 common shares on the open market at $309.32 each on Sept 9, 2026, leaving 51,428 shares owned.
2026-09-044Insider transaction report (Form 4)
Director Neal-Graves Lisa sold 2,200 common shares at $268.42 each on September 2, 2026, leaving 13,033 shares owned.
2026-09-024/AInsider transaction report (Form 4)
Coherent director Enrico Digirolomo exercised options on 3,911 shares, sold 3,911 shares at $241.50 and gifted 1,847 shares on 2026-03-06, per a Form 4/A amendment.
2026-09-024Insider transaction report (Form 4)
Director Enrico Digirolomo sold 2,272 shares of Coherent Corp. common stock on 2026-08-31 at $276.85 per share, leaving 17,238 shares owned.
2026-09-024Insider transaction report (Form 4)
Director Stephen A. Skaggs sold 2,272 common shares of Coherent Corp. on Aug 31, 2026, at $276.8758 per share, retaining 14,592 shares.
2026-09-014Insider transaction report (Form 4)
Place Jeffrey B., Chief Supply Chain Officer of Coherent Corp., received an award of 3,358 shares of common stock (no cost), increasing his holdings to 21,099 shares.
2026-09-014Insider transaction report (Form 4)
On 2026-08-28, CFO Sherri R. Luther received 8,731 common shares via an award (A) and had 2,594 shares withheld for tax obligations (F) at $295.39 per share.
2026-09-014Insider transaction report (Form 4)
On Aug 28, 2026, officer Mocciaro Ilaria received 4,061 shares of common stock via awards, had 2,174 shares withheld for taxes at $295.39 each, and got 2,335 deferred performance stock units.
2026-09-014Insider transaction report (Form 4)
Coherent CTO Julie Sheridan Eng reported 17,333 common shares acquired via two awards and 12,862 shares withheld for tax at $295.39, plus 13,077 shares sold in two open-market sales at $270.69-$276.83.
2026-09-014Insider transaction report (Form 4)
Coherent Corp. CEO James Robert Anderson received a 30,564-share common stock award and had 11,958 shares withheld for taxes at $295.39. He held 185,287 shares after.
2026-09-014Insider transaction report (Form 4)
Coherent officer Beard Robert P received a 5,373-share Common Stock award and had 1,896 shares withheld for taxes at $295.39, ending with 51,928 shares.
2026-08-204Insider transaction report (Form 4)
On 2026-08-18, CFO Sherri R. Luther sold 3,000 shares of Coherent Corp. common stock at $324 each, leaving 64,475 shares owned.
2026-07-244Insider transaction report (Form 4)
Coherent Corp. CFO Sherri R. Luther sold 1,000 shares of common stock at $306.68 on 2026-07-22, leaving 67,475 shares owned afterward.
2026-07-064Insider transaction report (Form 4)
Jeffrey B. Place, Chief Supply Chain Officer of Coherent Corp., had 2,181 shares of common stock withheld to cover taxes on 2026-07-01 at $394.47 per share, leaving 17,658 shares owned afterward.
2026-06-053Initial insider ownership statement (Form 3)
Jeffrey B. Place, Chief Supply Chain Officer, filed an initial ownership statement (Form 3) reporting beneficial ownership of 19,839 shares of Coherent Corp. common stock as of 2026-05-26, with no shares acquired or disposed.
2026-06-054Insider transaction report (Form 4)
CEO James Robert Anderson had 25,836 shares of Coherent Corp. withheld to cover taxes at $426.89 per share, leaving 166,438 shares owned afterward. This was not an open-market trade.
2026-05-134Insider transaction report (Form 4)
Coherent Corp. director Xia Howard H. exercised 2,000 options at $21.67 and sold 2,000 common shares at $344-$368 on 2026-05-11, leaving 50,298 shares owned.
2026-05-134Insider transaction report (Form 4)
Coherent Corp. CFO Sherri R. Luther sold 2,000 shares of common stock on 2026-05-12 at $372.96 per share, leaving 68,475 shares owned afterward.
2026-04-244Insider transaction report (Form 4)
Coherent Corp. CFO Sherri R. Luther sold 2,000 common shares on 2026-04-22 at $351 per share, leaving 70,475 shares owned afterward.
2026-03-184Insider transaction report (Form 4)
Director Howard H. Xia exercised options on 4,240 shares of Coherent common stock at $21.67 each, then sold all 4,240 shares on the open market at prices between $236.22 and $258.00.
2026-03-124Insider transaction report (Form 4)
Coherent Corp. CTO Julie Sheridan Eng sold 1,454 common shares at $258.18 on 2026-03-10, leaving 49,436 shares owned afterward.
2026-03-114Insider transaction report (Form 4)
Director Stephen A. Skaggs sold 3,523 shares of Coherent Corp. common stock on 2026-03-09 at $243.1309 per share, leaving 16,864 shares owned afterward.
2026-03-094Insider transaction report (Form 4)
Coherent director Enrico Digirolomo exercised options on 3,911 shares, sold 3,911 common shares at $241.50 and gifted 1,847 shares.
2026-03-044Insider transaction report (Form 4)
Coherent Corp CTO Julie Sheridan Eng sold 2,792 common shares on 2026-03-02 at $291.4205 per share, leaving 50,890 shares owned afterward.
2026-02-174Insider transaction report (Form 4)
Coherent Corp. CFO Sherri R. Luther sold 4,000 shares of common stock on 2026-02-12 at $217.7386 per share, leaving 72,475 shares owned afterward.
2026-02-124Insider transaction report (Form 4)
Director Patricia Hatter received a grant of 279 Coherent Corp. common shares on 2026-02-11 (A-Award, not an open-market purchase), bringing her total ownership to 23,859 shares.
2026-02-124Insider transaction report (Form 4)
Director Lisa Neal-Graves received a grant of 279 Coherent Corp. common shares on 2026-02-11, bringing her total ownership to 15,233 shares.
2026-02-124Insider transaction report (Form 4)
Director Stephen A. Skaggs received a grant of 279 Coherent Corp. common shares (A-Award, not an open-market purchase) on 2026-02-11, bringing his total ownership to 20,387 shares.
2026-02-124Insider transaction report (Form 4)
Director Patrick Elizabeth received a grant of 279 Coherent Corp. common shares on 2026-02-11, bringing their total ownership to 5,382 shares.
2026-02-124Insider transaction report (Form 4)
Director Howard H. Xia was awarded 279 shares of Coherent common stock on 2026-02-11 as compensation (no cash paid), bringing his total ownership to 50,298 shares.
2026-02-124Insider transaction report (Form 4)
Director Sandeep Vij was awarded 279 shares of Coherent Corp. common stock as compensation on 2026-02-11, bringing his total holdings to 15,954 shares.
2026-02-124Insider transaction report (Form 4)
Director Shaker Sadasivam was awarded 279 shares of Coherent common stock on 2026-02-11 as compensation, bringing total ownership to 41,173 shares.
2026-02-124Insider transaction report (Form 4)
Director Michelle M. Sterling was granted 279 shares of Coherent common stock as compensation on 2026-02-11, bringing her total ownership to 8,924 shares.
Transcripts
Earnings callsFY2026 Q32026-05-06
Earnings calls
AI summary
positiveCoherent reported Q3 FY2026 revenue of $1.8B (up 9% sequentially, 27% YoY on pro forma basis) with non-GAAP gross margin expanding to 39.6%, driving non-GAAP EPS up 55% YoY. The company expects continued acceleration in Q4 with guidance of $1.91B-$2.05B revenue and is ramping 6-inch indium phosphide capacity ahead of schedule, positioning it to double internal capacity by end of calendar 2026.
Key takeaways
- Record bookings and backlog with orders extending into calendar 2028; customer LTAs extending through decade-end
- 6-inch indium phosphide ramp tracking 1 quarter ahead of schedule toward 2x capacity goal; yields exceeding 3-inch production across all device types
- Data center segment revenue grew 37% YoY with sequential double-digit growth; 1.6T transceivers ramping faster than expected
- Strategic NVIDIA partnership announced with $2B equity investment and multiyear CPO supply agreement extending through decade-end; CPO revenue expected to begin in H2 2026 (scale-out) and H2 2027 (scale-up)
- OCS market opportunity increased to $4B+ with production bottleneck resolved; multi-rail and thermal solutions ramping in H1 and H2 2027 respectively
Financial highlights
- Q3 revenue: $1.8B (7% sequential, 21% YoY reported; 9% sequential, 27% YoY pro forma)
- Non-GAAP gross margin: 39.6% (up 57 bps sequentially, 105 bps YoY); Q4 guidance 39%-41%
- Non-GAAP EPS: $1.41 (up 9% sequentially, 55% YoY); Q4 guidance $1.52-$1.72
- Cash increased to $3.0B from $1.5B prior quarter (includes $2B NVIDIA investment); debt leverage ratio reduced to 0.5x
Guidance
- Q4 FY2026 revenue guidance: $1.91B-$2.05B (midpoint implies sequential acceleration vs Q3)
- Expect FY2027 growth rate to exceed FY2026 growth rate
- Data center revenue expected to accelerate further in June quarter driven by transceivers (800G and 1.6T) and OCS systems
- CPO revenue ramping H2 2026 (scale-out) and H2 2027 (scale-up); multi-rail revenue beginning H1 2027; thermal solutions revenue H2 2027
Q&A themes
- 6-inch indium phosphide ramp is primary margin and growth driver; yields already exceeding 3-inch; half the cost per device; third production site (Zurich) starting calendar 2027
- 1.6T transceiver ramp faster than previously expected; pricing dynamics very healthy; mix of EML and SiPho based with no significant margin difference
- OCS production bottleneck recently resolved; doubling market opportunity estimate to $4B+ with ramps across 2 facilities
- CPO solution encompasses broad portfolio beyond laser (isolators, thermoelectric coolers, fiber, lens arrays, fiber attach units); multiple customer engagements beyond NVIDIA
Risks
- Industrial segment revenue declined modestly sequentially and YoY; though semiconductor capital equipment bookings improved, recovery timing dependent on broader industrial market conditions
- Indium phosphide remains industry-wide constraint despite Coherent's capacity expansion; execution on aggressive 6-inch ramp critical to revenue acceleration
- CPO and multi-rail represent new/unproven markets with competitive landscape still developing; actual ramp rates and customer adoption remain uncertain
FY2026 Q22026-02-04
Earnings calls
AI summary
positiveCoherent delivered record Q2 revenue of $1.69B (up 9% sequentially, 22% YoY on pro forma basis) with non-GAAP gross margin expanding to 39% and EPS growing 11% sequentially and 35% YoY. The company expects sustained strong sequential growth in March and June quarters with FY2027 growth exceeding FY2026, driven by 800 gig and 1.6 terabit transceiver ramps, CPO and OCS product adoption, and expanding indium phosphide capacity.
Key takeaways
- Data center business accelerated to 14% sequential growth with book-to-bill exceeding 4x, with orders extending into calendar 2027
- Six-inch indium phosphide production ramping on schedule to double capacity by year-end, currently at 80% of doubling target with yields exceeding three-inch lines
- 1.6 terabit transceivers ramping significantly with initial EML and silicon photonics versions followed by VCSEL-based versions in H2 2026
- CPO received exceptionally large purchase order from leading AI data center customer with revenue starting end of calendar 2026
- OCS optical circuit switch backlog grew with 10+ customer engagements and expected $2B+ addressable market over coming years
Financial highlights
- Q2 FY2026 revenue: $1.69B (record), up 9% sequentially and 22% YoY pro forma
- Non-GAAP gross margin: 39%, up 24 bps sequentially and 77 bps YoY
- Non-GAAP EPS: $1.29, up 11% sequentially and 35% YoY
- Data center and communications segment: 70%+ of revenue, growing 11% sequentially and 34% YoY
Guidance
- Q3 FY2026 revenue guidance: $1.7B-$1.84B with non-GAAP gross margin 38.5%-40.5%
- Expected continued double-digit sequential growth in data center in March and June quarters
- FY2027 revenue growth rate expected to exceed FY2026 growth rate
- EPS expected to grow significantly faster than revenue growth rate
Q&A themes
- Visibility extends through calendar 2026 and well into 2027 with bookings, long-term forecasts to 2028, and long-term supply agreements providing strong demand confidence
- Supply-demand imbalance for indium phosphide expected to persist through calendar 2026 and 2027 given customer forecasts for scale-up deployments
- CPO and OCS viewed as additive to pluggable transceiver market with significant scale-up opportunity potentially dwarfing scale-out opportunity
- 1.6 terabit expected to be margin-accretive with higher ASPs and gross margins than 800 gig, supporting overall margin expansion targets
Risks
- Supply-demand imbalance may persist longer than expected, creating execution risk on aggressive capacity expansion plans
- Competitive capacity additions from other suppliers including Broadcom could pressure margins if demand growth moderates
- Six-inch indium phosphide ramp success dependent on continued yield improvements and substrate supply availability from multiple suppliers
FY2026 Q12025-11-05
Earnings calls
AI summary
positiveCoherent reported Q1 FY2026 revenue of $1.58 billion (6% sequential, 19% year-over-year pro forma), with non-GAAP gross margin expanding 70 bps sequentially and 200 bps year-over-year to 38.7%. The company is experiencing record bookings across data center and communications, with particular strength in 800G and 1.6T transceivers, and expects continued strong sequential growth throughout the fiscal year.
Key takeaways
- Record bookings in Q1 with customers placing orders 12+ months out, providing exceptional visibility into 2027-2028 demand
- Data center segment expected to accelerate from 4% sequential growth in Q1 to ~10% in Q2, driven by 1.6T transceiver adoption and improving EML supply
- 6-inch indium phosphide production ramping at two sites (Sherman, Texas and Jarfalla, Sweden) with yields exceeding 3-inch lines; company expects to double internal IP capacity within 12 months
- Optical circuit switch (OCS) platform shipped to 7 customers with growing revenue and backlog; company believes addressable market exceeds initial $2B estimate with broader applications than anticipated
Financial highlights
- Q1 FY2026 revenue: $1.58 billion (record), up 3% sequentially, 17% year-over-year; 6% sequential and 19% year-over-year pro forma excluding A&D business
- Non-GAAP gross margin: 38.7%, up 70 bps sequentially and 200 bps year-over-year; targeting >42% long-term
- Non-GAAP EPS: $1.16 in Q1, up 16% sequentially and 73% year-over-year
- Debt leverage reduced to 1.7x from 2.4x year-ago after $400 million debt paydown; completed debt refinancing reducing interest rate by 60 bps
Guidance
- Q2 FY2026 revenue guidance: $1.56-$1.70 billion
- Q2 non-GAAP gross margin: 38-40%
- Q2 non-GAAP EPS: $1.10-$1.30
- Data center growth expected ~10% sequential in Q2; communications expected to grow sequentially (single digits); industrial stable to slightly up sequentially
Q&A themes
- Indium phosphide capacity constraints in Q1 primarily from EML lasers; expect sequential improvement Q2 and continued improvement through fiscal year as 6-inch production ramps
- 1.6T transceiver adoption accelerating with initial ramp driven by silicon photonics and EML; VCSEL-based 1.6T expected to begin production mid-calendar 2026
- OCS technology differentiation based on nonmechanical liquid crystal design with superior reliability; broader customer base and applications (redundancy, spine, scale-up, DCI) than initially anticipated
- Pricing optimization contributed to gross margin expansion in both industrial and data center segments; transceivers showing normal pricing dynamics with supply constraints providing positive pricing environment
Risks
- Industrial segment experiencing cautious outlook due to macroeconomic backdrop and ongoing tariff and regulatory uncertainty
- Company still capacity-constrained on indium phosphide lasers even in Q2 despite improving supply; continued reliance on external suppliers alongside internal production expansion
- Portfolio optimization ongoing with Munich product division sale pending Q3 close; company acknowledges more work needed to optimize physical footprint and asset utilization
FY2025 Q42025-08-13
Earnings calls
AI summary
positiveCoherent achieved exceptional results in FY2025 with record revenue of $5.81B (up 23% YoY) and non-GAAP EPS of $3.53 (up 191% YoY), fueled by 51% growth in data center and communications and 358 basis points of gross margin expansion. The company is expanding manufacturing capacity, including a new 6-inch indium phosphide line in Sherman, Texas, and announced a multiyear VCSEL partnership with Apple. Coherent is divesting its Aerospace and Defense business for $400M to focus on photonics-driven growth markets.
Key takeaways
- FY2025 revenue reached record $5.81B (+23% YoY); Q4 revenue $1.53B (+16% YoY) with non-GAAP EPS approximately doubling YoY to $1 per share
- Data center revenue grew 61% in FY2025 with 38% YoY growth in Q4; initial 1.6T transceiver shipments began with ramp expected through 2026
- Tripled indium phosphide capacity YoY and began production of world's first 6-inch indium phosphide platform in Sherman, Texas; secured multiyear Apple VCSEL partnership expected to generate incremental revenue starting H2 2026
- Optical Circuit Switch (OCS) initial revenue began in Q4 with strong customer engagement; expected to ramp through remainder of 2025 and contribute more meaningfully in 2026
- Divesting Aerospace and Defense business for $400M; proceeding to close this quarter to reduce debt and focus on photonics-driven growth markets
Financial highlights
- FY2025 revenue $5.81B, up 23% YoY; Q4 revenue $1.53B, up 16% YoY (both records)
- Non-GAAP EPS FY2025 $3.53 vs $1.21 in 2024 (191% growth); Q4 non-GAAP EPS $1.00 vs $0.51 YoY
- FY2025 non-GAAP gross margin 37.9%, up 358 basis points YoY; Q4 non-GAAP gross margin 38.1%, up 220 basis points YoY
- FY2025 non-GAAP operating margin 17.8%, up 472 basis points YoY; paid down $437M debt in FY2025 vs $225M in FY2024
Guidance
- Q1 FY2026 revenue guidance $1.46B to $1.6B (excludes ~$20M A&D revenue expected after sale closes)
- Q1 FY2026 non-GAAP gross margin guidance 37.5% to 39.5%
- Q1 FY2026 non-GAAP EPS guidance $0.93 to $1.13
- Expect data center and communications to grow sequentially in Q1; industrial-related markets expected down sequentially
Q&A themes
- Data center and communications expected to continue sequential growth with multiple drivers: 800-gig ramp, 1.6T ramp, OCS ramp, and strong DCI/ZR+/ZR product growth
- 6-inch indium phosphide platform provides capacity and cost structure advantages; expect continued mix of internal and external laser sourcing for supply chain resiliency
- Apple VCSEL partnership represents proof of U.S. manufacturing competitive advantage; expected revenue contribution in H2 2026 with incremental capital investment from Coherent
- OCS pipeline described as very healthy with strong customer engagement across multiple customers; ramping capacity to support demand
Risks
- Taking cautious near-term view on industrial-related markets due to macroeconomic uncertainty, high cost of capital, and tariff policy uncertainty
- Quarterly sequential growth rates in data center can fluctuate based on lumpiness of customer demand and supply/capacity factors; Chinese competitors showing strong growth rates
- FX headwinds impacted Q4 gross margin (though management noted this was offset by cost reductions and pricing gains); no material FX impact expected in Q1 based on current information
FY2025 Q32025-05-07
Earnings calls
FY2025 Q22025-02-05
Earnings calls
Company news
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Company data
Company intelligence
Updated: Nov 15, 2026, 04:25 AM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Hardware, Equipment & Parts
- Chief executive
- James Robert Anderson
- Employees
- 51,478
- IPO date
- Oct 2, 1987
- Country
- US
- Exchange
- New York Stock Exchange
Altman Z-scorei5.86
Piotroski scorei7/9
Overall ratingiC+
Owner earningsi$6.09M$0.03 per share
ESG risk ratingiBIndustry rank: 3/14
Rating factors
- Return on equityi
- 3/5
- Return on assetsi
- 4/5
- Debt to equityi
- 2/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
Coherent Launches PhotonLink™ Integrated Optics Platform for AI InfrastructureGlobeNewsWireCUbIQ Technologies and Coherent Corp. demonstrate scalable, physical-layer security for AI infrastructureGlobeNewsWireCoherent Showcases Optical Innovations to Scale AI Infrastructure at ECOC 2026GlobeNewsWireCoherent Expands Pluggable Optical Line Systems Portfolio with Full C-Band Amplification to Enable AI Datacenter NetworksGlobeNewsWireCoherent Brings AI Datacenter and Photonics Thought Leadership to ECOC 2026 in Málaga, SpainGlobeNewsWireCoherent Corp. to Unveil PhotonLink™ Platform at ECOC on September 21, 2026GlobeNewsWire
Congressional disclosures
Senate
Sheldon WhitehousePurchase · $15,001 - $50,000Disclosed: Jul 8, 2026Markwayne MullinSale · $15,001 - $50,000Disclosed: Mar 2, 2026Markwayne MullinSale · $15,001 - $50,000Disclosed: Jan 14, 2026Markwayne MullinSale · $15,001 - $50,000Disclosed: Jan 14, 2026Markwayne MullinSale (Full) · $15,001 - $50,000Disclosed: Jan 13, 2026
House
Market cap history
$42.80B-32.9%Aug 2026 – Nov 2026
Latest: $42.80B · 2026-11-13High: $68.73B · 2026-08-17Low: $39.23B · 2026-11-02
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.07% | 6.2M |
| VOO | 0.08% | 5.2M |
| VO | 0.52% | 4.2M |
| IVV | 0.09% | 2.5M |
| SPY | 0.09% | 2.4M |
| VUG | 0.16% | 2.2M |
| FXAIX | 0.08% | 2.1M |
| S5SD.L | 0.16% | 1.6M |
| VOT | 1.22% | 1.5M |
| XLK | 0.36% | 1.4M |
| VGT | 0.21% | 1.3M |
| FSELX | 0.83% | 1.2M |
Analyst track record
How the analysts covering COHR have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 99 | 281 |
| Analysts | 26 | 32 |
| Buy / hold / sell | 73 / 26 / 0 | 214 / 67 / 0 |
| Upgrades / downgrades / initiations | 1 / 0 / 7 | 8 / 4 / 15 |
| Price targets hit / missed | 10 / 82 (11%) | 183 / 82 (69%) |
| Avg. return after a rating (TipRanks) | -28.0% | +101.6% |
| Best / worst call | +36.5% / -53.6% | > +1,000% / -53.6% |
After buy calls on this stock: median 21-day move +11.5% vs S&P 500 +7.7% (n = 222)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Ruben RoyStifel Nicolaus100% hit rate on this stock · 17 targets measuredBuytarget $450Nov 5, 2026
- Samik ChatterjeeJ.P. Morgan100% hit rate on this stock · 16 targets measuredBuytarget $435Jul 21, 2026
- Thomas O'MalleyBarclays100% hit rate on this stock · 15 targets measuredBuytarget $350Nov 5, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 10, 2026 | Daniel ZhuBernsteinNov 10, 2026 | BuyMaintained | $350 | |
| Nov 6, 2026 | Meta MarshallMorgan StanleyNov 6, 2026 | HoldReiterated | $325↗ | article ↗ |
| Nov 6, 2026 | Saiyi HeCMB International SecuritiesNov 6, 2026 | BuyMaintained | $380↗ | article ↗ |
| Nov 6, 2026 | Papa Talla SyllaCitiNov 6, 2026 | BuyMaintained | $440↗ | article ↗ |
| Nov 5, 2026 | Joseph CardosoJ.P. MorganNov 5, 2026 | BuyReiterated | $385↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 99 ratings
Frequently asked questions
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A COHR perpetual is a derivative that tracks the price of Coherent Corp. with no expiry date. It lets you take long or short exposure to Coherent Corp. on crypto venues, around the clock.
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